How To Develop A Debt Payment Plan

Carrying balances on multiple credit cards is stressful and expensive, and paying them off quickly can be a challenge. 

That’s especially true if you are living paycheck-to-paycheck or dealing with other debts simultaneously, like student loans.

This 5 Step guide can help you develop a plan to pay off your debt or identify the best debt relief option when a traditional payoff plan just won’t cut it. 

Stop making it so difficult to get debt relief

The only way to get out of credit card debt is to stop creating new debt while paying off what you owe.

Create a budget that’s optimized for getting out of debt

A budget is essential in your quest to get out of debt, no matter which debt relief option you end up using. You need to get a budget in place—written out and not just in your head.

Take stock of your debts and decide on a repayment strategy

That starts by figuring out exactly how much you owe, what it’s costing you, and where each debt stands.

This is where your budget comes in because minimum payments aren’t going to help you get out of debt quickly.

Set up a debt reduction plan

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